Tesco stores in Newham could be facing closure
- Credit: Archant
Super and minimarkets across the borough could be under threat with one of the UK’s largest chains set to close 43 stores nationwide.
Tesco is yet to announce whether Newham’s 11 Express mini-markets or its single Metro or Express shops will be included in the cull of its “unprofitable shops”.
The organisation’s new chief executive Dave Lewis made the dramatic announcement on Thursday, following two years of financial difficulties including falling sales and profit warnings.
Although it is unclear which stores will be shelved, the supermarket boss revealed that a “significant proportion” would be Tesco Express shops.
The chain – which has stores in Stratford, Plaistow, Manor Park, Forest Gate, Upton Park, East Ham and Royal Victoria Docks – is closing its staff pension scheme and making cuts of £250m, while Tesco Broadband and online entertainment service Blinkbox movies, will be sold to TalkTalk.
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“We have some very difficult changes to make,” said Mr Lewis.
“I am very conscious that the consequences of these changes are significant for all stakeholders in our business but we are facing the reality of the situation.”
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Although no indication was given to the scale of job losses, Tesco will begin consultations with those affected over the coming month with full details expected by April.